SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 31, 1999
NORTHEAST INDIANA BANCORP, INC.
-------------------------------
(Exact name of Registrant as specified in its Charter)
Delaware 0-26012 35-1948594
- --------------------------------------------------------------------------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
648 North Jefferson Street, Huntington, Indiana 46750
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 356-3311
- --------------------------------------------------------------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Northeast Indiana Bancorp, Inc. issued a press release dated January 18, 2000,
attached hereto as Exhibit 28.1 announcing Fourth Quarter and 1999 earnings.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated January 18, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
NORTHEAST INDIANA BANCORP, INC.
\S\ STEPHEN E. ZAHN
Date: January 18, 2000 By:
---------------- Stephen E. Zahn
President and Chief Executive Officer
Exhibit 28.1
<PAGE>
FOR IMMEDIATE RELEASE
JANUARY 18, 2000
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES RECORD 1999 EARNINGS
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (NEIB), the parent
company of First Federal Savings Bank, today announced Record 1999 earnings for
the year ended December 31, 1999 of $2.6 million compared to $2.4 million for
the same period 1998. All earnings per common share are reported under FASB's
128 basic and diluted earnings per common share basis. All share and per share
information has been restated to reflect the 10% stock dividend paid in November
1999. For the year ended December 31, 1999, basic and diluted earnings per
common share were $1.59 and $1.54 respectively compared to $1.36 and $1.29 for
the same period 1998. This represents a 16.9% increase in 1999 basic earnings
per common share over 1998.
Northeast Indiana Bancorp's fourth quarter income was $647, 000 or basic and
diluted earnings per common share of $0.41 and $0.41 respectively compared to
$673,000 or $0.41 and $0.40 respectively for the fourth quarter 1998. The lower
quarterly net income is mainly the result of additional provision for loan loss
during the quarter. The additional provision was due to identified potential
losses on commercial loans during the quarter and commercial loan growth as a
percentage of our net loans.
Results for December 31, 1999 year ended showed net interest income at $7.9
million compared to $7.1 million for December 31, 1998 year to date, an 11.3%
increase. Net interest margin of 3.50% is based on net interest income divided
by average earning assets net of reserves. The net interest margin for December
31, 1999 year ended of 3.50% has decreased compared to the same period 1998 of
3.57%. This decrease is a result of tighter net interest rate spreads and
leveraging capital.
Deposits increased from $123.3 million at December 31, 1998 to $143.2 million at
December 31, 1999 a 16.1% increase. This increase is due to the jumbo time
deposits inflow that occurred in fourth quarter 1999.
-MORE-
<PAGE>
Total assets at December 31, 1999 of $254.7 million compared to December 31,
1998 assets of $212.4 million reflects a 19.9% increase. Asset growth at
December 31, 1999 compared to December 31, 1998 was partially due to a $22.5
million increase in net loans receivable.
The securities available for sale increased $19.5 million as a result of growth
in the bank's funding sources including deposits, advances and securities sold
with repurchase agreements.
Shareholder equity at December 31, 1999 was $25.7 million compared to $25.0
million at December 31, 1998.
The buybacks of Treasury stock during the period and dividends paid reduced the
increase in shareholder's equity that net income for the year generated. These
reductions help leverage the Company's remaining equity and tend to improve
return on shareholder's equity.
The book value of NEIB's stock is $14.63 per share as of December 31, 1999 and
the last reported trade of the stock in December was at $12.375 per share.
The board of directors of First Federal Savings Bank approved at the June board
meeting as previously reported a new stock repurchase program which allows
management to purchase from time to time up to 10% of the outstanding shares
over the next twelve months or up to 180,165 shares. The company has purchased
43,100 shares to date under this new program leaving approximately 137,000
shares to be repurchased.
This press release may contain forward-looking statements, which are based on
management's current expectations regarding economic, legislative and regulatory
issues. Factors which may cause future results to vary materially include, but
are not limited to, general economic conditions, changes in interest rates. Loan
demand, and competition. Additional factors include changes in accounting
principles, policies or guidelines; changes in legislation or regulation; and
other economic, competitive, regulatory and technological factors affecting each
company's operations, pricing, products and services.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana 46750 and the Company is traded on the Nasdaq National
Market under the symbol "NEIB".
